The post Bitcoin Price Live Today: Is BTC Preparing for the Next Massive Run appeared first on Coinpedia Fintech News
Bitcoin price after the recent rebound from the lows appears to be following a calculated approach as the upswing is more or less consistent. The price after the recent upswing marked the yearly highs above $30,500 within minutes. Presently, the price just began a consolidation phase, which is expected to prevail until the US CPI rates are announced.
It has to be noticed that the upswing was triggered with a minimal volume, which is pretty diverse compared to the previous jump that raised the levels from $20,000 to $27,000 in March. Therefore, it can be said that the bears may be acknowledging the price rise and may remain silent until the BTC price marks $32,000 too. post to which the bearish action is believed to gear up.
In such a case, here are the crucial levels that need to be closely watched to catch up with the change in the trend.
Bitcoin price is currently rising, but the possibility of one last crash also looms that may drag the price heavily below $20,000. This may wipe out the leverage traders, and huge amounts of liquidity and stop losses will be gained. However, in its corrective wave, the BTC price could hit $30,000 to $39,000 in the long run.
Meanwhile, in the short term, the price may remain largely correlated and keep trading in and out of $30,000 as it did previously at $27,000 and $28,000. If the price breaks down the crucial support at $28,800, then the bearish trend may begin.
Until the price trades above these levels, it may be considered a short-term reversal that may bounce with an influx of significant liquidity. However, upon achieving the interim resistance at $30,713, the possibility of maintaining a fine upswing emerges.